Crude oil futures fell Thursday following oil companies ordering crews to evacuate rigs and platforms in the Gulf of Mexico as a storm system manifests and stands a likelihood of becoming a hurricane, according to published reports.
Should the system of thunderstorms and gusty winds hovering above the central and eastern regions of the Gulf become a hurricane, it would take on the name Lee, Bloomberg reports. Seven companies conducting operations in the Gulf have issued the evacuation order from nine platforms, Dow Jones Newswires reports.
The U.S. Department of Labor is preparing to release a report on Friday that will indicate jobless claims slipped by at minimum 12,000 and at maximum 409,000.
"If tomorrow's report comes in better than expected it will probably lift oil above $90, which would be important technically," chief market strategist Bill O’Grady with Confluence Investment Management in St. Louis told Bloomberg. "There’s a great hope the Fed will do something to boost growth."
At 4:41 p.m. on Thursday, crude oil futures fell 0.69 percent, a 79 cent drop to $114.06 per barrel.
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